Anthropic S-1 filing: $80.7 billion loss, ticker ANT

Anthropic, the company behind Claude, has taken a major step toward going public by submitting its S-1 prospectus to the US Securities and Exchange Commission (SEC). The company plans to list its shares on the Nasdaq under the ticker ANT. The move reportedly puts Anthropic on track to go public before its rival OpenAI.

Anthropic had filed confidentially with the SEC in June this year. The now-public document lays out the company's financial position, its plans for the future, and the risks it sees for investors and for the world, in the company's own words.

The numbers: $16.3 billion in revenue, $80.7 billion in losses

According to the filing, Anthropic generated $16.3 billion in revenue in the first half of the year while posting a net loss of $80.7 billion. Based on leaked drafts reported earlier, most of that loss stems from accounting charges tied to debt instruments the company issued to raise financing.

Executive pay also appears in the document. Co-founder and CEO Dario Amodei earned roughly $18 million in total compensation for 2025, most of it in stock and option awards. Daniela Amodei, also a co-founder, who serves as the company's president and a board member, was the second-highest-paid executive at $16.4 million.

Hundreds of billions of dollars in compute commitments

The filing also shows the scale of the computing resources Anthropic has committed to in order to run its AI models. Once all planned capacity is delivered, the company will pay SpaceX about $3.1 billion a month for access to Nvidia GPUs, a bill that can reach $120.5 billion in total through 2029.

Other commitments point to similarly large figures. Anthropic expects to spend $44.9 billion with Microsoft through 2033 and at least $114.5 billion with Google. It also has a $110 billion agreement with Amazon covering the next decade.

The company's vision and the risks it flags

In the filing, Anthropic describes AI as one of the most consequential technologies in human history. In the company's view, if managed well, it could accelerate scientific discovery, boost economic growth, bring cures for major diseases closer, and answer problems that have gone unsolved for generations. Anthropic says it aims to deliver those benefits while preventing the risks that come with a technological revolution, and it wants investors to understand AI's potential, its risks, the company's distinctive approach, and how its behavior may differ from that of a company focused solely on maximizing profit.

The risk factors section is lengthy. It includes the possibility that models develop some form of sentience, AI-specific taxes, and adverse outcomes in ongoing copyright lawsuits over model training. The company also points to the risk of catastrophic AI-related events, noting that no insurer, and possibly not even the insurance industry as a whole, would likely be able to cover such a risk.